BNB Price Surges on Report of DOJ-Binance Settlement Talks BNB, the native token of the cryptocurrency exchange Binance, has gained more than 5% in the last 24 hours, reaching a high of +$270, the highest level since the beginning of October.
The price spike came after Bloomberg reported that the US Department of Justice (DOJ) is in talks with Binance to settle a probe into allegations of money laundering, bank fraud and sanctions violations. The report said that the DOJ is seeking $4 billion from Binance as part of the deal, and that Binance CEO Changpeng Zhao could face criminal charges in the US.
A joint press conference on Tuesday afternoon will announce “significant cryptocurrency enforcement actions” by the Department of Justice and other US agencies. Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco and CFTC Chair Rostin Behnam are among the speakers.
The report also said that a potential resolution of the investigation could be announced by the end of the month, citing sources familiar with the matter. A settlement could allow Binance to continue its operations and avoid a crackdown that would hurt the cryptocurrency market.
The nature and scope of the actions are unknown, but they could be related to the ongoing negotiations between the Justice Department and Binance, the world’s largest crypto exchange. The two parties are close to reaching a multibillion-dollar settlement that would prevent a market crash like the one caused by FTX in 2022. The DOJ has been investigating Binance for several years, and sources say that the settlement could range from $4 billion to $5 billion. It would allow Binance to continue operating and grant law enforcement access to its database.